Home Mod with Bank of America

Gosh Super Stars, I have really been beat up this week by all the banks!!!

This question is not a short sale question, but a home modification question that I want to find out if this situation has affect any of you.

My client started the home mod process with Bank of America (the HUD second which became part of the modification recorded by our County in January 2013.) My seller was assured by B of A that it would be completely processed by 4/1/2013. We put the home on the market 4/15 and received many offers (32 in fact) which will put my seller "in the good" by $25,000.

We are ready to close escrow and the Title Co. is waiting for Bof A and Duval LLC who is the servicer to get back to them with the pay off. It has now been a week, Duval LLC the servicer can not find the mod. paperwork. Bof A after one week finally found the paperwork in their system, but now says it will be 45-60 days before the mod paperwork is completed by B of A, and they can then one week later give our Title Co the payoff. Well you can imagine the hand wringing and hand holding that we have going on here in our office. The seller is very upset, the buyer who is all cash is very upset and we are afraid we are going to lose the buyer who made a $45,000 over asking offer.

the first lien is FHA with BofA. When BofA did the mod, they used a HUD second, Duvall is servicing both the first and the second lien I believe, since when the title co. contacted BofA for the payoff of both liens they said to call Duvall. The mod was suppose to be completed by 4/1/2013, the HUD second recorded at the county recorders office 1/15/2013. Duvall does not have a file from BofA yet, in fact BofA could not find their own file at one point. BofA has located the mod (which was suppose to have closed on 4/1) and now says it will be an additional 60 days before they can tell us the payoff for the two loans. We have a good all cash offer which allows the seller to walk away with $25000 after the two loans are paid off and commission fees. We are afraid we are going to lose our buyer if we cannot close in the next week or two...

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